Global Hand Tools Market Report 2022-2027 with key

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Dublin, 21 Feb. 2022 (GLOBE NEWSWIRE) — The “Hand Tools Market – Global Outlook and Forecast 2022-2027” report has been added to from ResearchAndMarkets.com offer.

The Hand Tools Market size was valued at USD 22.07 Billion in 2021 and is projected to reach USD 28.74 Billion by 2027, growing at a CAGR of 4.14% during the forecast period.

Rapid industrialization and increasing applications in the household and commercial sectors are mainly driving the market for hand tools and accessories. DIY (Do It Yourself) has experienced tremendous growth globally over the past decade. While the trend was previously only popular in Western countries, it is now rapidly being adopted in Asia-Pacific and Latin America.

Some heavy tools such as demolition hammers are also used for repair and maintenance work in commercial and residential spaces. The DIY culture may be one of the major drivers of the household hand tools market in the coming years with higher penetration scope in growing economies.

HAND TOOL MARKET SEGMENTATION

The increasing requirements for screwdrivers in the consumer electronics industry are driving the growth of the market. A large number of small and medium manufacturers sell the product at a lower price, so the bargaining power of buyers is very high. The demand for manual screwdrivers may be challenged by power hand tools, thus driving the growth of the power tools market.

The new market entrants are focusing on the pocket and utility knife segments due to their broad scope of application. With high safety and comfortable handling, they are also adopted in the DIY segment. Compact, efficient and lightweight pocket knives are in demand. Thus, suppliers can take advantage of this opportunity to innovate for better product penetration.

The industrial end user segment was the largest segment in the global hand tools market in 2021 and this trend is expected to continue throughout the forecast period. This is mainly due to the construction sector. For example, housing projects with 20 million affordable housing units for the urban poor are expected to increase the revenue of the construction sector in India, thereby boosting the market demand for mechanical hand tools.

GEOGRAPHY OF THE HAND TOOLS MARKET

APAC: The APAC region consists of powerful developing countries with a majority labor force. The Tokyo Olympics will finally take place in the forecast period after being postponed due to a pandemic. New infrastructure projects and upgrades will drive the growth of the market. Even small nations like Singapore and Malaysia are also accelerating their infrastructural development. Singapore is known for its high-class construction facilities and the 2020 budget announced plans for infrastructure projects.

North America: The North American automotive sector manufactures the largest number of electric cars in the world due to the growing demand for environmentally friendly products. The North American market for automotive sensors is on the rise, which will also propel the demand for precision parts assembly. This may further boost the market for precision hand tools like pliers, knives, and wrenches.

HIGHLIGHTS

Rising demand for aircraft alongside the expansion efforts of the aerospace industry is expected to support the growth of aerospace fasteners and hand fastening tools over the forecast period.

DIY tool kits are gaining popularity in countries like India and China due to the limited availability of skilled labor which is seen more in urban areas. This has led to the growth in the use of hand tools like chisels, hammers and screwdrivers for household activities, home improvement, repairs, woodworking and gardening.

Mass township projects all over the world are also driving the demand for hand tools during the forecast period. For example, Saudi Arabia announced the home ownership strategy which estimates that 70% of residents will have homes by 2030.

VENDOR LANDSCAPE

The major players in the hand tools market are Stanley Black & Decker, Techtronic Industries Company, Snap-on, Apex Tool Group (ATG), and Emerson.

Brands like Stanley Black & Decker are known for their industry-leading fastening solutions. The company acquired Consolidated Aerospace Manufacturing LLC (CAM), enabling better support for aerospace consumers.

With the growth of DIY culture and the demand for more user-friendly tools, vendors are customizing their tools for home improvement activities.

KEY FACTORS

  • Rising wooden construction
  • Increase in home improvement and DIY activities
  • Increase in solar and wind energy installations
  • Growing construction opportunities in developing countries
  • Mass township projects
  • Low cost and unskilled labor in developing economies

Main suppliers

  • Stanley Black & Decker
  • Techtronic Industries Company
  • snap-on
  • Apex Tool Group (ATG)
  • Emerson

Other Important Suppliers

  • Robert Bosch GmbH
  • Akar Tools Ltd
  • Wera tools
  • Klein Tools
  • JCBL India
  • Channel lock
  • India JK Files
  • Kennametal
  • IDEAL Industries
  • Gray Tools Canada
  • leather man
  • Ningbo Great Wall Precision Industrial Co., Ltd
  • PILANA
  • Wurth
  • Tajima
  • KNIPEX
  • PHOENIX CONTACT
  • Tools Wiha AG
  • Ajay Group
  • Mac Tools
  • Stylus tools
  • Vaughan Manufacturing
  • estwing
  • Kobalt
  • Daniels Manufacturing Company
  • Lowell Company
  • bojo
  • Honton

Main topics covered:

1 Research methodology

2 research objectives

3 Research process

4 Scope and coverage
4.1 Market definition
4.2 Base year
4.3 Scope of the study

5 Report assumptions and caveats
5.1 Main caveats
5.2 Currency conversion
5.3 Market Derivation

6 The market at a glance

7 Presentation
7.1 Overview
7.1.1 Industrial End User Outlook
7.1.2 Shift towards urbanization propelling construction and manufacturing demand
7.1.3 Key information
7.1.4 Parameters Affecting Market Growth
7.2 Supplier and Raw Material Overview
7.3 Construction overviews
7.3.1 Residential construction
7.3.2 Commercial construction
7.3.3 Construction of public infrastructure
7.4 US-China trade war
7.5 FAQs
7.5.1 Value propositions to focus on product developments
7.5.2 Major Vendors in Hand Tools Market
7.5.3 Immediate Threat to Hand Tools Market
7.5.4 Regions experiencing exceptional demand and strong growth
7.6 IMPACT OF COVID-19

8 OPPORTUNITIES AND MARKET TRENDS
8.1 Increase the growth of wood construction
8.1.1 Europe Timber Industry Outlook
8.2 Increase in home renovations and DIY activities
8.3 Increase in wind and solar energy installations
8.4 Growing construction opportunities in developing countries

9 MARKET GROWTH FACTORS
9.1 Increase in infrastructure construction
9.2 Growing Demand from Construction Industry
9.2.1 Rise in construction activity in commercial real estate
9.3 Mass township projects
9.4 Cheap and unskilled labor in developing economies
9.5 Automotive Industry Drives Market Growth
9.6 Growing Demand for Fasteners
9.7 High Demand in APAC Manufacturing Sector

10 MARKET CONSTRAINTS
10.1 Increased automation
10.2 Commodity Price Fluctuations
10.3 Troubles in political and commercial relations
10.4 Slow Economic Growth in 2020
10.5 End User Variability
10.6 Tool safety and risk exposure

11 MARKET LANDSCAPE
11.1 Market Overview
11.2 Market Size and Forecast
11.3 Five forces analysis

12 TYPE OF TOOL
12.1 Market Overview and Growth Driver
12.2 Market Overview

13 GENERAL PURPOSE TOOLS
13.1 Market Overview and Growth Driver
13.2 Market Overview
13.2.1 Market Size and Forecast
13.2.2 Market by Geography
13.3 Keys
13.4 Screwdriver and nut driver
13.5 Clamps
13.6 Hammers
13.7 Riveters
13.8 Clamps and vices
13.9 Wrecking bars
13.10 Ratchets and sockets

14 CUTTING TOOLS
14.1 Market Overview and Growth Driver
14.2 Market Overview
14.2.1 Market Size and Forecast
14.2.2 Market by Geography
14.3 Chisel and files
14.4 Saws
14.5 Knives and blades
14.6 Cable and wire cutting tools

15 LAYOUT AND MEASUREMENT TOOLS
15.1 Market Overview

16 TAPS AND DIES
16.1 Market Overview

17 END USER
17.1 Market Overview and Growth Driver
17.2 Market Overview

18 INDUSTRIAL
18.1 Market Overview and Growth Driver
18.2 Market Overview
18.2.1 Market Size and Forecast
18.2.2 Market by Geography
18.3 Construction
18.4 Automotive
18.5 Aeronautics
18.6 Electronics
18.7 Energy
18.8 Shipbuilding
18.9 Other hand tools

19 COMMERCIAL

20 RESIDENTIAL

21 GEOGRAPHY
21.1 Market Overview and Growth Driver
21.2 Geographic overview

For more information on this report, visit https://www.researchandmarkets.com/r/r5euri


        


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